Total Income under the Income Tax Act includes income fromAnswer areaOnly salary sourcesAll sources after allowed deductionsAll sources before any deductionsOnly salary sources

A deduction isAgross incomeBmoney added to your incomeCnet incomeDmoney taken out of your income

Under the accrual basis of accounting, only income that has been earned is included in the revenue total on the income statement

Net income is:Athe total amount of money you earnBthe amount of money you receive after deductions are subtracted from your gross incomeCthe amount of money that is taken away in the form of taxesDthe hourly rate of pay

Gross income is:A.the total amount an employer withholds for taxes.B.the amount of pay after tax and benefit deductions.C.the amount of pay after tax but before benefit deductions.D.the total amount of earned salary or wages.SUBMITarrow_backPREVIOUS

The amount an employee earns before any deductions such as EI, CPP, and income tax withholdings is theMultiple ChoiceTake home payGross payTaxable incomeDeductible payNet pay